1. Field
Embodiments of the invention relate to a system and method for conducting an auction over the Internet. More specifically, certain embodiments of the invention are directed to a system, an apparatus, a method, and a computer program product for conducting an auction over the Internet to enable a buyer to purchase products at a price determined by reverse bidding of a seller or sellers.
2. Description of the Related Art
Traditional auctions have been around for centuries, while Internet-based auctions have existed for well over a decade. During this relatively short period of time, a small number of Internet-based platforms have grown to dominate the auction marketplace space that is extremely valuable. Even though there is, and will continue to be, incredible monetary and physical product exchange through the traditional Internet auction model, this model is often complex (i.e., it is multi-touch), and therefore does not transition well to the emerging mobile marketplace. Thus, conventional Internet-based auctions leave significant room for innovation and business/platform modifications that could ultimately attract a whole new segment of bargain-hunting shoppers via, not only the Internet, but more uniquely through a mobile device, such as the mobile phone or a handheld computer.
Buyers seeking to find a bargain increasingly use the Internet-based auction to make purchases for goods and services (hereinafter referred to as a “product” or “products”). Buyers spend a considerable amount of time searching through information (i.e., that is seldom useful information) to “mine” for the next deal through a coupon, discount or rebate. Buyers also frequently expend time, energy and resources waiting for a sale to appear on a particular item of interest or try their luck in a typical auction environment where they must bid against other interested buyers to “win” the right to purchase the product from the seller.
In addition to offering direct discounts to buyers, sellers often pay information distributors and content providers to deliver messages and money-saving mechanisms to buyers with the hope of minimizing the time, energy and resources required to identify and market the interested buyer or buyers for the sellers' products. However, even with these marketing tools, sellers often realize that it is a challenge to locate willing buyers to purchase their products, and therefore difficult to justify the amount of marketing dollars spent against sales obtained from these marketing efforts.